Categories for Tax News

Tax Tips for Newlywed Taxpayers

Seven Tax Tips for Recently Married Taxpayers

The Internal Revenue Service advises the soon-to-be married and the just married to review their changing tax status. If you recently got married or are planning a wedding, the last thing on your mind is taxes. However, there are some important steps you need to take to avoid stress at tax time. Here are seven tips for newlyweds.

1. Notify the Social Security Administration Report any name change to the Social Security Administration so your name and Social Security number will match when you file your next tax return.

Tax Tips for Moving Expenses

Ten Tax Tips for Individuals Who Are Moving

Summertime is a popular time for people with children to move since school is out.
Moving can be expensive, but the IRS offers 10 tax tips on deducting some of those expenses if your move is related to starting a new job or a new job location.

1. Move must be closely related to start of work Generally, you can consider moving expenses incurred within one year from the date you first reported to a new location,

Tax Tips for Job Seekers

Seven Tax Tips for Job Seekers

Many taxpayers spend time during the summer months updating their résumé and attending career fairs. The Internal Revenue Service reminds job seekers that you may be able to deduct some of the expenses on your tax return.

Here are seven things the IRS wants you to know about deducting costs related to your job search.

1. To qualify for a deduction, the expenses must be spent on a job search in your current occupation.

Medical and Dental Expense Tax Deductions

If you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you pay in 2011 for medical care – including dental – for yourself, your spouse, and your dependents. Here are six things the IRS wants you to know about medical and dental expenses and other benefits.

1. You may deduct only the amount by which your total medical care expenses for the year exceed 7.5 percent of your adjusted gross income.

Tax Deductible Charitable Contributions

Ten Tips for Taxpayers Making Charitable Donations

Are you planning on making a donation to a charity this year? If so, you may be able to take a deduction for it on your 2011 tax return.

Here are the top 10 things the IRS wants every taxpayer to know before deducting charitable donations.

1. Charitable contributions must be made to qualified organizations to be deductible. You can ask any organization whether it is a qualified organization and most will be able to tell you.

Auto Milage Rates

The IRS has updated the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical or moving expense purposes and for determining the reimbursed amount of these expenses that is deemed substantiated. This modification results from recent increases in the price of fuel.

Effective July 1, 2011, the revised standard mileage rates are:

55.5 cents per mile for business use of an automobile

23.5 cents for use of an automobile as a medical or moving expense

The use of an automobile as a charitable contribution is fixed by statute and remains 14 cents

Let HBL be your Tucson CPA firm,

If You Owe Money to the IRS

Nine Tips for Taxpayers Who Owe Money to the IRS

Did you end up owing taxes this year? The vast majority of Americans get a tax refund from the IRS each spring, but those who receive a bill may not know that the IRS has a number of ways for people to pay. Here are nine tips for taxpayers who owe money to the IRS.

1. If you get a bill this summer for late taxes,

Tax on Student Summer Jobs

Six Tips for Students with a Summer Job

School’s out and many students now have a summer job. Some students may not realize they have to pay taxes on their summer income. Here are the six things the IRS wants everyone to know about income earned while working a summer job.

1. All employees fill out a W-4, Employee’s Withholding Allowance Certificate, when starting a new job. This form is used by employers to determine the amount of tax that will be withheld from your paycheck.

Amended Tax Returns

Nine Facts on filing an Amended Return

An amended tax return generally allows you to file again to correct your filing status, your income or to add deductions or credits you may have missed.

Here are nine points the IRS wants you to know about amending your federal income tax return.

1. Use Form 1040X, Amended U.S. Individual Income Tax Return, to file an amended income tax return.

2.

Tax Records

Tips for Managing Your Tax Records

After you file your taxes, you will have many records that may help document items on your tax return. You will need these documents should the IRS select your return for examination. Here are five tips from the IRS about keeping good records.

1. Normally, tax records should be kept for three years.

2. Some documents –such as records relating to a home purchase or sale,